Are you searching for yacht insurance in Newport Beach? While there are a number of providers and coverage options to choose from, there are certain basic coverages you should expect to get from your insurance policy before signing a contract.
Actual and Agreed Upon Cash Value
There are generally two types of yacht insurance policies, actual cash value and agreed upon cash value. With actual cash value, in the event of a total loss, your policy will pay to replace the yacht based on the actual value of the yacht minus depreciation at the time of the accident. With agreed upon cash value, the policy will cover the replacement costs up to the amount that you and the insurer previously agreed.
Basic Insurance Coverages
While the specifics may vary, these are basic coverages you should expect in case of an accident.
- Liability – your policy will cover injuries to guests on board your yacht
- Bodily injury – your policy will cover injuries to another person
- Property damage – your policy will cover any damage to another person’s property
When you’re ready to sign up for yacht insurance in Newport Beach, be sure to work with a provider who has the experience necessary to help you get the right amount of coverage. This is the one insurance where you don’t want to cut corners.